Bullish Stocks Narrative Seen Intact After US Inflation Data

-- A cooldown in the Federal Reserve’s preferred gauge of underlying inflation last month, coupled with a rebound in household spending, failed to shift the Wall Street consensus that has lifted stocks to records in the first quarter.UBS Banker’s Frustration Exposes Cracks in World of Climate Finance

Swaps traders on Thursday slightly trimmed wagers that the Fed would cut rates as soon as June, reinforced by the latest Fedspeak. On Wednesday, Fed Governor Christopher Waller said there was no rush to lower interest rates and emphasized that recent economic data warrants delaying or reducing the number of cuts seen this year.

One concerning part of Friday’s report was the mismatch between spending and income, said Sosnick. While higher spending boosts the economy short-term, it’s unsustainable to spend more and make less. Real personal spending climbed 0.4% last month, above estimates for a 0.1% increase.Here’s what others on Wall Street are saying:It’s a pretty mixed report, so I wouldn’t expect it to meaningfully shift the narrative on inflation or the Fed.

-- A dramatic Israeli Supreme Court ruling that freezes funding to ultra-Orthodox seminaries unless their students serve in the military is forcing Prime Minister Benjamin Netanyahu’s government to contend with its survival as the war in Gaza deepens the country’s political divisions.

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